If you are Income Tax Payer! there is an Good News for you. The government has received good news for people filing income tax return. Now the last date for filing the ITR has been increased from July 31 to August 5. Earlier, the Income Tax Department had said that its last date will not be extended. The Department has already filed more than 200 million returns in electronic form.
Let us tell you that there have been many tax related changes in the annual budget of 2017-18 from Parliament. You need to remember these changes while filing your return. Read below, what are the seven new rules …
1. After saving the tax rate from 10 per cent to 5 per cent for people having annual income of 2.5 lakh to 5 lakh rupees, the savings of Rs 12,500 will be saved. At the same time, savings of Rs 14,806 (including surcharges and cesses) of those earning more than Rs 1 crore will be saved.
2. Those who earn an annual income up to Rs 3.5 lakh will be given a rebate of Rs 2,500 (Rs 5,000). Due to changes in tax rates and tax rebate, now the annual income of 3.5 lakhs will be required to pay a tax of just Rs 2,575. Earlier, he had to pay a tax of Rs. 5,150 as tax. The rich tax payers whose annual income is between Rs 50 lakh and Rs 1 crore, will also have to pay a 10 percent surcharge on the tax. At the same time, Super Rich, which has an annual income of more than Rs 1 crore, will have to pay 15 percent surcharge on tax.
3. For the tax on real estate, the Central Government, where the first 3-year-old property was considered as a long term, will now come under the purview of the property tax of just 2 years. With this change, you will now be taxed at a rate of 20 per cent for selling your property for two years, and after selling it, it will be entitled to a discount in the case of re-investing.
4. Changes in Long Term Capital Gains Tax will benefit. For the tax assessment in the long-term capital gains, the government has increased the cost of inflation and calculation from April 1, 1981 to April 1, 2001. This change will reduce the profits in the sale of property now. At the same time, if the capital gains in selling a property are invested in the bonds issued by the government, then it will be entitled to tax rebates.
5. Tax return return form of 1 page will be issued for those whose income is up to 5 lakh rupees (non-business income). This category will not scrutinize the tax filing form for the first time.
6. In the event of delays in filing tax returns for the financial year 2017-18, the penalties of Rs 5,000 will be felt if the returns have been filed till December 31, 2018. On the return filed after December 31, a penalty of Rs 10,000 will be considered. For the small tax payers (income up to Rs 5 lakh), this penalty will be Rs 1,000.